Just Eat, Gear 4 Music, trading, costs, food prices, WFH & other:

A DAY IN THE LIFE:

Winter is a bit of a challenge these days as it’s dark for two thirds of the time and raining for half of the rest.

And that might give the soil a rest and replenish the water table but, whilst I’d probably be amongst the first to feel it if the farmers couldn’t grow anything any more, it doesn’t do that much for me.

And the BBC weather app doesn’t do much to lighten the mood because, with the exception of today, Wednesday, the forecast for the next 14 days is for drizzle, rain, or heavier rain.

All of which is a little tiresome but, as pretty much the same thing happened last year, we decided upon an experiment and dug a hole in the scrubland that we call a garden, maybe three feet across and three feet deep.

It was bone-dry all summer but then it got damp.

And then damper and now the water’s about two thirds of the way up and, as we all know, if it manages to creep up the other third, then the water-table would be above ground level and that’s just a lake by another name.

That would be problematic so here’s hoping that doesn’t happen.

On to the news:

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PUBS & RESTAURANTS:

Trading:

S4Labour has reported that hospitality sales held steady in November. It says its latest figures ‘reveal a steady performance for UK hospitality in November 2025, with overall like-for-like sales up 0.9% year-on-year.’ This is, of course, well below the general level of CPI and even further behind costs for hospitality operators, many of whom are major employers of labour…

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Costs:

The Oxford Partnership has said, referencing cost increases coming as a result of last week’s Budget, that ‘pubs and restaurants are exposed on every front. Business rates are set to jump sharply at the same time as wage costs climb, VAT reform remains off the table and duty is rising again.’ CEO Alison Jordan adds that ‘these pressures do more than erode margins; they undermine the long-term viability of venues that play a vital role in our communities. Structural reform is now essential….’

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Food inflation.

The BRC reports that food price inflation slowed in November to an annual rate of 3.0% from a rate of 3.7% in October. Both numbers are or were below the general rate of CPI…

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West End:

London-based retail and hospitality landlord Shaftesbury Capital yesterday updated on the quarter to end-October, with CEO Ian Hawksworth saying that ‘our West End estates are busy and vibrant through this important trading period, with high occupancy, footfall and sales volumes….’

Work from home:

Whilst this doesn’t get the prominence that it once did, and whilst hybrid-working is now widely believed to be here to stay, the tussle between employers and employees goes on with staff at Instagram now reportedly being ordered back to the office five days a week…

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Scotland.

The Visitor Levy (Scotland) Act 2024, which grants councils the power to raise funds for tourist services by applying overnight stay charges and which is intended to come into operation early next year, needs work. Moves are afoot to implement a flat-rate tax rather than a percentage of the cost of stays and a number of interested parties have commented on the situation…

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Other news:

Wine Australia reports that 2025 production volumes rose by 9%. It adds that inventories have risen as demand has failed to keep pace with supply. Prices could come under some downward pressure.

COMPANY NEWS:

Just Eat Takeaway.com yesterday announced that ‘Jitse Groen will step down as CEO and will be succeeded by Roberto Gandolfo, effective 1 January 2026. Roberto Gandolfo is currently Chair of the JET Supervisory Board and Head of Prosus Europe and his appointment will be subject to approval by the Dutch Central Bank….’

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German Doner Kebab has opened its first unit in the Republic of Ireland, in the Liffey Valley Shopping Centre, Dublin.

Nestlé is reported looking to divest itself of its majority stake in Blue Bottle Coffee, an acquisition it made in 2017. Reuters quotes sources as saying that the 68% stake, which was thought to have been purchased for around $425m, could be sold at a discount.

HOLIDAYS & LEISURE TRAVEL:

IATA reports that global demand for air travel should remain ‘strong’ for the remainder of this calendar year…

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GEAR 4 MUSIC – FURTHER UPGRADES:

Only a fortnight or so after last updating on sales at its H1 numbers, G4M has commented on recent trading. The company executive chair Andrew Wass says ‘the very strong sales momentum highlighted in our previous updates continued over the recent Black Friday weekend, with the Group dispatching over 14,000 orders in a single day across all markets on Cyber Monday, marking the highest revenue day in our history.’

G4M says its ‘operational infrastructure performed well under the increased levels of demand.’ It adds that ‘although we are still early in the critical peak trading period, the continued strength of trading provides the Board with sufficient confidence to again raise its expectations for the Group’s financial performance for the year ending 31 March 2026.’ It says the upgrade, which ‘follows the upgrades announced in June, September, October and November 2025’ means that ‘we now expect EBITDA to be not less than £16.7m.’ The company estimates that, after its November upgrade but before today’s comments, consensus market expectations for the year ending 31 March 2026 were revenues of £175.1 million, EBITDA of £15.2 million and profit before tax of £6.8 million. The company says that it will update on Christmas trading on 20 January 2026.”

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OTHER LEISURE:

Football. The Times reports that analysis of official Government data has revealed a significant increase in the valuations of the biggest football venues in England and Wales….

Sterling mixed at $1.3235 and €1.1371. Oil lower at $62.53. UK 10 year gilt yield down 2 basis points at 4.46%. World markets mixed yesterday and London forecast to open little-changed as at 6.30am.

FINANCE & MARKETS:

The OECD reports that UK inflation will be 3.8% this year and 2.5% next. It should fall to 2.1% in 2027. It says that growth this year will be ‘steady’, at 1.4% this year before slowing to 1.2% in 2026. The UK will be the second-fastest growing economy in the G7 this year, behind the US, the OECD predicts.

The Nationwide reports that the average house price in the UK rose 0.3% month on month in November. This brings the annual rate down to 1.8% from 2.4% in the year to October….

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